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HomeMy WebLinkAbout2005 04 26 Board of Trustees Regular Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING APRIL 26, 2005 I. CALL TO ORDER The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman Robert Nippes on Tuesday, April 26, 2005 at 7:30 p.m. in the City Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairman Robert Nippes, present Vice Chairman Mark Queen, absent Board Member Vincent Giannoni, present Board Member Vemon Rozelle, absent Board Member Tim Pesut, present Chairman Nippes led the Pledge of Allegiance. PUBLIC INPUT None. CONSENT AGENDA CONSENT 200. Office Of The City Clerk Approval Of The January 25, 2005 Regular Meeting Minutes. "I - MOVE FOR THE MINUTES TO BE APPROVED." MOTION BY BOARD MEMBER GIANNONI. SECONDED BY BOARD MEMBER PESUT. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - APRIL 26, 2005 PAGE20F3 REGULAR AGENDA REGULAR 500. Finance Department Review Of Trusco Capital Management Financial Statements. Ms. Molly A. Halcom, Investment Officer, Trusco Capital Management, 300 South Orange Avenue, Suite 1600, Orlando, Florida: introduced herself as the new Representative for the City of Winter Springs and then summarized the performance of the City's Portfolio over the last quarter. Chairman Nippes stated, "Last Meeting, we hit the magic number of ten million ($10,000,000.00) and I asked about if the fees go down at that magic number. Someone was going to check on that." Ms. Halcom stated, "Yes, I remember." Ms. Halcom continued, "I will make a note of that." Ms. Halcom said, "We won't wait until next quarter to get that to you." Chairman Nippes asked if there were any recommendations. Ms. Halcom stated, "We are still recommending an overweight position in 'Equities'. I think it is going to be a difficult market in that we are going to start to see on the equity side more of the higher quality names start to shine through. Which is kind of a change from what we have been seeing. And, I think that is going to help your Portfolio just by the names that these funds are investing in." Mr. Ronald W. McLemore, City Manager, stated, "Why are we not maxlmlzmg out our International?" Ms. Halcom stated, "We can go heavier in International. I think we might have discussed this last time. Because we have the capability to go to - it is five to twenty percent (5- 20%). That is a pretty hefty overweight position in International. I would say most Municipalities that we see don't - typically go much higher than ten percent (10%)." Ms. Halcom said, "I think that the twelve percent (12%) position is appropriate. And, that is by looking at other Municipalities and how we typically see an overweight position in International. " Furthermore, Ms. Halcom stated, "I will take - back and discuss that with our Policy Group." Chairman Nippes stated, "I don't know if I would go to twenty percent (20%), but I would probably - fifteen (15) [percent]." Board Member Tim Pesut stated, "Under eighteen (18) [percent]." Mr. McLemore stated, "Short Term is better." Ms. Halcom stated, "Okay." Board Member Vincent Giannoni stated, "I agree with the Board. It is a good opportunity now. Let's take advantage of that." 600. REPORTS No Reports were given. FUTURE AGENDA ITEMS CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - APRIL 26, 2005 PAGE30F3 ADJOURNMENT Chairman Nippes stated, "Can I get a Motion to Adjourn?" "SO MOVED." MOTION BY BOARD MEMBER PESUT. SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. Chairman Nippes adjourned the Meeting at approximately 7:57 p.m. RESPECTFULLY SUBMITTED: ~t 8tlA<..Lf~~ DEBBIE FRANKLIN DEPUTY CITY CLERK NOTE: These Minutes were approved at the October 25. 2005 Board of Trustees (Pension Plan) Meeting.